Therefore, I know this necklace really represents a noose
J Cole mentions in the previous line that he is becoming more conscious. Therefore, he recognizes that his jewelry, or “bling,” represents the temptation of money and the negative affects of greed. Meanwhile, such things are painted as a positive thing in other circles (but nothing gets past J Cole).
He compares his necklace to a noose, a rope tied in a fashion used to hang ones self or another person by the neck. In other words, it is deadly. While we recognize that his necklace isn’t literally going to be used to hang himself, he uses this metaphor as a way of showing the negativity of materialism.
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